Understanding the Responsibilities of an SBA Lawyer
The role in promoting the growth of small businesses all over the country is contributed by the Small Business Administration. A lawyer can get involved in business matter in some scenarios. Drawing up contracts, assisting in incorporation process and representing you in case of litigation are some of the ways that a lawyer can help you. There are some legal business issues that you cannot handle without an attorney, but there are others that you can opt to handle independently.
Every business is unique and it is important to consult with a lawyer to determine the complexity of the needs of your business and how to continue on most of these issues. A lawyer is needed in the more complex issues of business. Legal help forms an attorney will be needed in the formation of a corporation which has shareholders and board because it is a complex process. A corporate lawyer, in administrative matters of tax and legal requirements will come in handy. A patent attorney will assist you in the evaluation of your product and understand what rights you will achieve in case of filing a patent.
Consideration should first be put on whether by patenting your products will give you a big market advantage. In case of litigation, you will need a lawyer to assist you in solving the issues legally. What may be included in litigation are lawsuits such as; discrimination, harassment, those by former or current employees and customers, environmental and government investigations for legal violations. Negotiations of lease and sales agreements can be helped by lawyers when you want to buy or sell businesses.
Most businesses are operated through SBA loans and without them they would not be in existence. The main loan programs that are offered by SBA are 504 loans and 7(a) loans. Large projects and assets are managed by SBA 504 loans. Activities that can be used by the money given are; purchasing real estates for commercial purposes, acquire and develop property, purchase equipment and start, expand or improve businesses. SBA 504 loans may not be used for stock purchasing, working capital and payment of debts. Because SBA 7(a) loans are not collateralized easily; in case they are defaulted the guarantor comes into play more prominently.
Some attorneys are skilled at negotiating and settling SBA loans by understanding the process and options available. Settlement of SBA loan can be negotiated by a lawyer and help you settle a debt without becoming bankrupt. It is possible to negotiate large reductions in 504 and 7(a) loans though it is not easy. A lawyer who is skilled and who has experience can go through the process and help you to get financial recovery.